KINIBIZ Tiger has been stalking the major players involved in China stocks - the China-based companies listed on Bursa Malaysia to be exact. And it’s a jungle out there.

No surprises here. Tiger knows exactly where to search out the corporate types behind this monkey business. Just like in the jungle, these greedy corporate types all flock to the local watering hole on a hot day to quench their never-ending thirst.

Let’s recap . Since mid-2009 our local stock exchange has seen as many as nine China-based companies listed. As sure as the sun will set to end the day, all nine companies have plummeted in value.

Sure, some of these China stocks have not done as bad as some others, but none of them are trading above their initial public offer or IPO price. None of them are even trading above 60 percent of their IPO price for that matter.

On average, China stocks have plummeted to one-third of their IPO price. Some stocks, such as that of K-Star Sports Ltd are only worth 17 percent of their IPO price.

Then, there is also a problem of valuations. Even the largest and most profitable of the lot, China Stationery and Xingquan International are trading at depressed valuations, at price-to-earnings ratios of between two to three times.

Now, back to the watering hole. This is where all the action in the jungle is. Tiger is very careful to spy at a safe distance, silently in the undergrowth.

In their greed to satisfy their thirst they have forgotten their place in the food chain. These corporate types have taken more than their fill. In their voracity they have forgotten that danger lurks close by.

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This article was written by Chan Quan Min.